“Participation in retirement savings plans is highly unequal across income groups,” the EPI reports. “In 2013, nearly nine in 10 families in the top income fifth had retirement account savings, compared with fewer than one in 10 families in the bottom income fifth.”
While retirement inequality is growing, the EPI notes, the good news is, you don’t need a lot of money to start investing and building your nest egg.
One of the easiest ways to fund your future without feeling strapped is to have a portion of your paycheck sent directly to a retirement account, such as a 401(k) or IRA. That way, you’ll never even see the money and learn to live without it.
And the sooner you start making automatic contributions, the less you’ll have to save each month to reach your goals. In fact, if you start in your 20s, you may not have to set aside as much as you may think to retire with a million-dollar portfolio.
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